Zuari Agro claims Rs 500 cr rights issue with SEBI after filing letter of offer

Zuari Agro Chemicals Wednesday said it has filed a document with the market regulator SEBI to raise Rs 500 crore through rights issue of debentures. In a filing to the BSE, Zuari said the company has filed "Draft Letter of

Offer for rights issue with the Securities and Exchange Board of India." In June last year, the company's board had approved raising of funds by way of issue of compulsory convertible debentures to the existing shareholders on a rights basis (Rights Issue) up to Rs 500 crore. The company, which is into fertiliser business, plans to reduce debt with the proceeds of rights issue.